Edgewise Therapeutics (NASDAQ:EWTX) Reaches New 52-Week High – Should You Buy?

Edgewise Therapeutics, Inc. (NASDAQ:EWTX)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $33.14 and last traded at $32.99, with a volume of 1059448 shares changing hands. The stock had previously closed at $31.82.

Analyst Upgrades and Downgrades

EWTX has been the subject of a number of analyst reports. Wedbush restated an “outperform” rating and set a $31.00 price objective on shares of Edgewise Therapeutics in a research report on Friday, August 16th. Royal Bank of Canada reissued an “outperform” rating and set a $32.00 price target on shares of Edgewise Therapeutics in a report on Tuesday, September 17th. Truist Financial lifted their price objective on Edgewise Therapeutics from $25.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Piper Sandler increased their target price on Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, JPMorgan Chase & Co. raised their price target on Edgewise Therapeutics from $30.00 to $31.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $35.60.

Edgewise Therapeutics Stock Up 3.7 %

The stock has a market cap of $3.08 billion, a PE ratio of -20.76 and a beta of 0.20. The business’s fifty day moving average is $21.68 and its 200 day moving average is $19.37.

Edgewise Therapeutics (NASDAQ:EWTX) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.34) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.02. As a group, analysts predict that Edgewise Therapeutics, Inc. will post -1.47 EPS for the current year.

Insider Activity

In other Edgewise Therapeutics news, General Counsel John R. Moore sold 50,000 shares of Edgewise Therapeutics stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $28.37, for a total transaction of $1,418,500.00. Following the completion of the transaction, the general counsel now owns 3,252 shares in the company, valued at approximately $92,259.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CFO R Michael Carruthers sold 125,092 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $28.57, for a total transaction of $3,573,878.44. Following the sale, the chief financial officer now owns 6,904 shares of the company’s stock, valued at $197,247.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel John R. Moore sold 50,000 shares of Edgewise Therapeutics stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $28.37, for a total value of $1,418,500.00. Following the sale, the general counsel now owns 3,252 shares of the company’s stock, valued at approximately $92,259.24. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 278,176 shares of company stock worth $7,893,316 over the last 90 days. 24.11% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Edgewise Therapeutics

Hedge funds have recently modified their holdings of the company. Novo Holdings A S purchased a new position in shares of Edgewise Therapeutics during the second quarter valued at approximately $114,263,000. Quarry LP acquired a new stake in Edgewise Therapeutics in the 2nd quarter worth about $252,000. Frazier Life Sciences Management L.P. grew its holdings in Edgewise Therapeutics by 12.9% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 3,731,067 shares of the company’s stock valued at $67,197,000 after buying an additional 427,500 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Edgewise Therapeutics by 25.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 38,366 shares of the company’s stock valued at $691,000 after acquiring an additional 7,786 shares during the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of Edgewise Therapeutics by 115.2% during the 2nd quarter. Millennium Management LLC now owns 1,145,506 shares of the company’s stock worth $20,631,000 after acquiring an additional 613,251 shares during the period.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.